(1) Any venture capital financing company that satisfies the conditions specified in section 16 may apply to the Trust Fund for funding.

(2) An application for funding from the Trust Fund shall be in such form as the Minister may on the advice of the Board prescribe.

(3) The application shall be accompanied with such non-refundable processing fee as the Board shall determine.

(4) Upon the receipt of an application, the Board may conduct such investigations on the applicant and may request the applicant to submit such documents as it considers necessary for the determination of the application.

(5) The Board shall within twenty-eight days after the receipt of an application

(a) grant the application if

(i) the funds of the Trust Fund are not exhausted;

(ii) it is satisfied that the applicant has fulfilled all the conditions listed under section 16; and

(iii) the applicant has fulfilled any other conditions required for the grant of an application prescribed under this Act;

(b) refuse to grant the application where it determines the applicant to be ineligible.

(6) Where the Board grants an application, it shall inform the applicant in writing of the monies allocated to the applicant and subject to subsection (5) specify any terms and conditions upon which the grant has been made.

(7) Where an applicant is granted credit facilities by the Board, the applicant shall bear the full credit risk of the facility.

(8) An applicant dissatisfied with a decision of the Board in respect of an application may petition the Commission on Human Rights and Administrative Justice for a review of the decision.